PRICE POINT TESTING

Validate your price points and test your competitors prices.

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Price Point Testing

Uncover what price your target consumer would want to pay. Compare these with the prices they pay for competitor products.

Ideal Price

Price your product at exact the right point to attract customers.

Sell More

Make more money by selling more products at the ideal price.

Attract Customers

Use a targeted pricing strategy to steal customers away from your competition.

Price Point TestingHow It Works

Price point testing can come in a number of forms. It’s possible to simply test your own product based on a fixed range, or it’s possible query respondents on how much they would pay and why based on no prompt. You can also then test against your competition and their prices.

Fixed range testing quite simply involves providing the respondent with a number of ranges or precise price points and asking them to select which price they would pay.

Unprompted verbatim price point testing is the process of asking respondents how much they would pay for your product and why, sometimes asking them to elaborate perhaps on how much they have paid for similar products in the past.

When you’re testing against the competition there’s a few ways to do that. The simplest is to provide a fixed range of 5 to 10 points and then giving respondents a list of the top 10 competitors and asking them how much they’d pay for each, based on the rating scale provided.

Each of these methods can be used either together or in isolation, the structure is based on your competitive landscape and how much you intend to do with the data.

EXPECTED OUTCOMES

PRICE

Learn what price you should put on your products or ranges.

BUYER

Find out what your buyer looks like at each price point.

COMPETITORS

Discover what consumers think of the price of your competition.

SHELF

See how your product will look beside other prices on the shelf.

SURVEY

Structure

Your choice of fixed range or unprompted verbatim will guide the question type you want to start with. Optionally you can just have a multiple choice question or instead start with an open question.

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Type

Question(s)

Aid

1

Open Question

Three or Four unprompted price questions.

Packaging Images

2

Multiple Choice Question

Up to 10 price ranges to select from.

Packaging Images

Price Range

Unit price of between $3.50 to $17 per response with a total cost of between $350 and $6,500 depending on inclusions.

Sample Size

50 for quick indication

100 for strong guidance

271 90% confidence @ 5% error

385 95% confidence @ 5% error

Examples of the survey questions are available.

Click the button below to see a series of question examples to include in a price point testing survey.